I know there are online payment calculators but I am trying to make an excel spreadsheet calculator and I need to know the equations used to get the results. For example, calculate the monthly payment on a $220,000 loan over 30 years at 5.5% interest.How do you calculate a monthly mortgage payment by hand?
This link shows the formula to amortize a loan ';by hand'; http://www.frickcpa.com/tvom/TVOM_Amort.鈥?/a>
Microsoft has ';templates'; you can download for free so you don't have to reinvent the wheel. There are 33 available online at Microsoft through this link http://office.microsoft.com/en-us/templa鈥?/a>
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